CASH remains king in Australia despite consumers continuing to bolster their use of plastic and ditch the cheque in droves.

Sophie Elsworth MoneysaverHQ deputy editor

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CASH remains king in Australia despite consumers continuing to bolster their use of plastic.

About one in two payments made in Australia are with notes and coins, accounting for 47 per cent of transactions made in 2013.

But in its Payments System Board Annual Report, released yesterday (THU), the Reserve Bank of Australia found cash accounted for just 18 per cent of all payment methods, as the transactions sums were small.

“The use of cash as a payment method remains widespread, particularly for low-value transaction with consumers using cash for around two-thirds of payments under $20,’’ the report said.

“Cash is used extensively for lower-value payments and payments at small food retailers and bars where the quick tender time of cash may favour its use.”

Cheques are also a dying breed plummeting to be almost 70 per cent lower than a decade ago at 14 per cent.